IIARD International Institute of Academic Research and Development

WORLD JOURNAL OF ENTREPRENEURIAL DEVELOPMENT STUDIES (WJEDS )

E-ISSN 2579-0544
P-ISSN 2695-2483
VOL. 9 NO. 4 2024
DOI: 10.56201/wjeds.v9.no4.2024.pg61.77

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Strategic Renewal and Entrepreneurial Success: A Critical Review with the Focus on SME’s Sector

Nwabuatu, Emmanuel Nnajiubah (Ph.D)

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Abstract

This paper explores the intersection of strategic renewal and entrepreneurial success within the context of modern business environments with a critical review with the focus on SME’s sector. It synthesizes existing literature to provide insights into how organizations can leverage strategic renewal initiatives to foster entrepreneurial behavior and enhance overall business performance. Key theoretical frameworks and empirical evidence are discussed to illustrate the dynamics between strategic renewal efforts and entrepreneurial outcomes. The findings show that strategic renewal improves entrepreneurial success in the context of modern business environments. Therefore the study concludes that strategic renewal is a critical factor for improving entrepreneurial success in modern business environments. Thus, the study recommended that SME’s sector should implement and sustain effective strategic renewal practices, through setting measurable objectives, tracking progress, and making adjustments as needed to improve entrepreneurial success.

keywords:

Strategic Renewal, Realignment Competence, Innovation, Growth, Survival, Entrepreneurial Success

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World Journal of Entrepreneurial Development Studies (WJEDS) E-ISSN 2579-0544
P-ISSN 2695-2483 Vol 9. No. 4 2024 www.iiardjournals.org
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